TotalEnergies SE
TotalEnergies SE is a France-based integrated energy company with operations across the oil and gas value chain, as well as electricity and lower-carbon energy businesses. It produces crude oil and natural gas, processes and markets fuels and lubricants, and develops LNG, renewables, power generation, battery storage, and EV charging networks through a global portfolio of subsidiaries and joint ventures.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueExploration and production of crude oil and natural gas, including associated reserves and output.
Liquefied natural gas production, trading, transport, and regasification services.
Refined products, transport fuels, lubricants, LPG, heating oil, and bitumen sales.
Solar, onshore wind, offshore wind, battery storage, and power sales.
Petrochemical and specialty products, including industrial materials and related services.
Customers
TotalEnergies sells energy and related products to industrial, commercial, utility, and mobility customers, with a growing share of contracts tied to power and decarbonization needs. Its customer base also includes airlines, shipping and logistics operators, manufacturers, data centers, retailers, and households that buy fuels, gas, electricity, lubricants, and charging services. Many customers use the company for both commodity supply and tailored low-carbon solutions such as PPAs and LNG supply agreements.
Large manufacturers and industrial groups buy electricity, LNG, fuels, and structured decarbonization solutions such as PPAs.
Airlines, trucking, shipping, and fleet operators buy refined products, LNG, lubricants, and charging services.
Utilities, aggregators, and power users buy renewable electricity, storage-backed capacity, and flexible generation supply.
Businesses and households purchase heating oil, LPG, electricity, and related energy products.
Data center operators buy long-term renewable power contracts to secure clean electricity supply.
Strategy
TotalEnergies is building a dual business model that combines hydrocarbons with electricity, renewables, and flexible power assets. The strategy centers on using its global asset base to supply reliable energy to industrial customers while expanding clean power, storage, LNG, and other lower-carbon offerings. This mix supports long-term relevance across both traditional energy markets and decarbonizing end markets.
Diversifies the business beyond hydrocarbons and supports customer decarbonization demand.
Combining renewables with storage and CCGT improves reliability for commercial customers.
LNG remains central to global energy supply and customer contracts, especially in Europe and Asia.
PPAs and tailored contracts improve commercial stickiness and support project development.
Geography
TotalEnergies operates in about 120 countries, with a business footprint that spans producing basins, LNG routes, refining centers, and power markets. Germany is highlighted in the reports as a major operating market, with refineries, LNG infrastructure, EV charging, and a large build-out of renewable and storage assets. The company’s geography matters because upstream production, LNG logistics, refining, and power assets are all exposed to different regional regulations, demand patterns, and geopolitics.
Risks
TotalEnergies is exposed to commodity price volatility, because a large part of its earnings and cash generation depend on oil, gas, and LNG market prices. It also faces project, operational, and geopolitical risk across a global footprint, including production interruptions, regulatory changes, and permitting or execution risk in renewables and power development. Accounting estimates around reserves, impairments, and asset retirement obligations are important because they can materially affect reported results and balance-sheet values.
- Commodity price volatilityImpact: HighLikelihood: High
Upstream production, LNG, and refining results are tied to oil, gas, and product prices.
Exposure: Global hydrocarbons and LNG portfolio
- Geopolitical supply disruptionImpact: HighLikelihood: High
Operations and LNG flows can be affected by conflict, sanctions, or regional instability.
Exposure: Qatar-related LNG and other international assets
- Asset impairments and reserve revisionsImpact: HighLikelihood: Medium
Oil and gas reserve estimates, market assumptions, and asset values can change materially.
Exposure - Project execution and permittingImpact: MediumLikelihood: Medium
Renewables, offshore wind, storage, and power projects require complex execution and approvals.
Exposure: Electricity and renewables pipeline
Accounting
Judgemental itemsReserve assumptions drive depletion, depreciation, and the carrying value of oil and gas assets.
Impact: Can materially affect upstream asset values and future production economics
Long-lived energy assets are sensitive to price, demand, and discount-rate assumptions.
Impact: Can trigger large write-downs in upstream, refining, or power assets
Commodity and product inventories can be measured under different cost assumptions.
Impact: Creates quarter-to-quarter volatility in reported profit
Decommissioning and site restoration costs require long-term estimates.
Impact: Affects provisions and future cash outflow expectations
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Last updated: 28/09/2026